PPC ‘runs risk of sudden death’

PPC ‘runs risk of sudden death’

Greek enterprises are particularly worried about the state of the electricity market, the uncertainty over the sustainability of Public Power Corporation (PPC) and the government’s unrealistic plans for enhancing competition, as statements by the head of the Hellenic Federation of Enterprises (SEV) illustrated on Wednesday.

In an interview with the website, Theodoros Fessas expressed concern about a “sudden PPC death” and incredulity about the existence of a realistic government plan for the privatization of the power giant.

“We run the risk of having surprises we will be unable to control,” warned Fessas, referring to PPC, adding that “at some point in the summer, with the rise in demand [for power], PPC will not be able to guarantee the continuous supply of energy as we know it today.”

He also stressed the need for “a radical reform of the energy market here and now.”

The SEV chief went on to underscore that the bailout review negotiations must be completed immediately and noted that market sentiment is at its lowest point. “We are in danger of suffering irreparable damage, especially the banks,” he commented.

While saying he believes a Greek exit from the eurozone is unlikely (“unless the Greeks choose suicide”), Fessas noted that emerging from the crisis will take more time and a fourth bailout will be required: “To avoid it we will need some very smart moves and a great deal of effort.”

The key to leaving the crisis behind is the tax system, he pointed out, saying that the higher the taxes imposed by the government, the less the state gets, so Greece needs a “rationalization of taxation.” He also spoke of a “hostile” environment for entrepreneurship, saying that not even Greeks are willing to risk investing in this country anymore.

He did acknowledge the positive contribution of the country’s creditors and the European institutions, saying, “They will assist us or force us to reconstruct our state.”

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